REOs, as well as properties within the process of foreclosure, soared to claim a whopping 26 percent of home sales nationwide through the first quarter of 2012.
According to RealtyTrac, a listing firm that specializes in foreclosed properties, this dramatic shift was caused primarily by the rise of short sales.
Short sales were at a record three-year high this past quarter, with a growth of 25 percent over the last year. The Associated Press reported that short sales “make up the vast majority of homes sold while still in the foreclosure process.”
Given recent bank troubles with processing foreclosures, these signs show that lenders may actually prefer utilizing the short sale route as a faster and safer option. Recent benefits to sellers utilizing short sales also includes moving assistance from banks, as well as IRS tax relief for primary home owners.
Florida ranked as the highest judicial state in terms of completed foreclosures over the last year. Here in the Central Florida area, we have had a great deal of success employing short sales as an alternative to foreclosure. If you are thinking of also utilizing a short sale as an effective way to get that fresh start with a minimum amount of stress, worry, and anxiety, don’t hesitate to contact us for a free consultation.